The supply curve for umbrellas
A) shows the supply of umbrellas consumers are willing and able to buy at any given price.
B) is downward sloping.
C) shows the relationship between the price of umbrellas and the quantity of umbrellas supplied.
D) shows the relationship between the quantity of umbrellas firms are willing and able to supply and the quantity of umbrellas consumers are willing and able to purchase.
C
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Members of the European Exchange Rate Mechanism (ERM)
A) agreed to buy and sell gold at a fixed rate. B) promised to maintain the values of their currencies within a fixed range. C) attempted to maintain a fixed exchange rate against the dollar. D) all agreed to charge the same interest rate on central bank loans.
Diane Rae is a farmer in the perfectly competitive industry of sugar cane. She knows that she can sell more output than she currently does
a. only by lowering the price of her sugar cane b. only if she is able to drive out some of her competition c. without affecting the market price d. by raising the barriers to entry so that more of the market is left to those like herself who are already in the industry e. only if she can develop a patent on sales